Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Starbucks Corp., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 28, 2025	Jun 29, 2025	Mar 30, 2025	Dec 29, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Oct 1, 2023	Jul 2, 2023	Apr 2, 2023	Jan 1, 2023	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Jan 2, 2022	Oct 3, 2021	Jun 27, 2021	Mar 28, 2021	Dec 27, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 29, 2019
Company-operated stores	7,862,000)	7,812,500)	7,285,000)	7,785,300)	7,442,100)	7,516,000)	7,052,600)	7,755,200)	7,679,800)	7,556,700)	7,142,300)	7,083,500)	6,901,500)	6,675,500)	6,276,700)	6,722,400)	6,864,300)	6,363,100)	5,653,100)	5,726,500)	5,173,500)	3,444,400)	4,766,000)	5,780,700)
Licensed stores	1,093,100)	1,105,600)	1,016,000)	1,135,700)	1,129,500)	1,129,000)	1,054,500)	1,192,100)	1,187,500)	1,136,200)	1,069,500)	1,119,500)	998,400)	956,800)	849,500)	850,800)	794,600)	680,200)	595,000)	613,800)	544,800)	300,500)	689,800)	792,000)
Other	613,900)	537,900)	460,600)	476,800)	502,400)	468,900)	455,900)	478,000)	506,300)	475,400)	508,000)	510,900)	514,300)	517,800)	509,400)	477,200)	487,800)	453,200)	419,900)	409,100)	484,800)	477,200)	539,900)	524,400)
Net revenues	9,569,000)	9,456,000)	8,761,600)	9,397,800)	9,074,000)	9,113,900)	8,563,000)	9,425,300)	9,373,600)	9,168,300)	8,719,800)	8,713,900)	8,414,200)	8,150,100)	7,635,600)	8,050,400)	8,146,700)	7,496,500)	6,668,000)	6,749,400)	6,203,100)	4,222,100)	5,995,700)	7,097,100)
Product and distribution costs	(3,071,400)	(2,955,500)	(2,737,600)	(2,893,700)	(2,810,400)	(2,740,900)	(2,648,700)	(2,980,600)	(2,933,000)	(2,864,200)	(2,801,700)	(2,810,200)	(2,711,100)	(2,613,600)	(2,465,800)	(2,526,900)	(2,491,200)	(2,206,000)	(1,992,400)	(2,049,100)	(1,976,800)	(1,484,000)	(1,997,700)	(2,236,400)
Store operating expenses	(4,335,100)	(4,344,800)	(4,176,000)	(4,203,000)	(3,881,800)	(3,829,100)	(3,724,100)	(3,851,500)	(3,721,400)	(3,697,600)	(3,636,000)	(3,665,300)	(3,544,600)	(3,302,500)	(3,314,700)	(3,400,000)	(3,273,400)	(2,966,900)	(2,823,300)	(2,867,300)	(2,683,300)	(2,537,800)	(2,721,400)	(2,821,500)
Cost of revenues	(7,406,500)	(7,300,300)	(6,913,600)	(7,096,700)	(6,692,200)	(6,570,000)	(6,372,800)	(6,832,100)	(6,654,400)	(6,561,800)	(6,437,700)	(6,475,500)	(6,255,700)	(5,916,100)	(5,780,500)	(5,926,900)	(5,764,600)	(5,172,900)	(4,815,700)	(4,916,400)	(4,660,100)	(4,021,800)	(4,719,100)	(5,057,900)
Gross profit	2,162,500)	2,155,700)	1,848,000)	2,301,100)	2,381,800)	2,543,900)	2,190,200)	2,593,200)	2,719,200)	2,606,500)	2,282,100)	2,238,400)	2,158,500)	2,234,000)	1,855,100)	2,123,500)	2,382,100)	2,323,600)	1,852,300)	1,833,000)	1,543,000)	200,300)	1,276,600)	2,039,200)
Other operating expenses	(141,800)	(151,600)	(138,700)	(152,500)	(138,500)	(143,900)	(132,800)	(150,400)	(145,200)	(138,700)	(126,200)	(129,300)	(123,000)	(135,100)	(101,700)	(101,700)	(108,600)	(71,400)	(87,700)	(91,800)	(99,900)	(133,600)	(95,000)	(101,800)
Depreciation and amortization expenses	(430,600)	(427,600)	(418,900)	(407,600)	(395,000)	(380,400)	(371,900)	(365,300)	(351,400)	(342,200)	(341,900)	(327,100)	(357,400)	(356,800)	(367,700)	(366,000)	(354,600)	(354,300)	(366,700)	(366,100)	(363,000)	(361,000)	(356,300)	(351,000)
General and administrative expenses	(641,900)	(677,200)	(632,300)	(665,800)	(644,700)	(576,000)	(654,600)	(648,000)	(635,700)	(604,300)	(620,400)	(580,900)	(538,000)	(486,700)	(481,500)	(525,800)	(501,200)	(494,900)	(464,400)	(472,100)	(439,000)	(399,900)	(406,500)	(434,200)
Restructuring	(755,000)	(20,800)	(116,200)	—)	—)	—)	—)	—)	(100)	(7,100)	(8,800)	(5,800)	(35,100)	(14,000)	(4,400)	7,500)	(55,400)	(19,800)	(23,000)	(72,200)	(195,000)	(78,100)	700)	(6,300)
Income from equity investees	85,100)	57,100)	59,100)	46,500)	103,400)	73,900)	68,000)	55,900)	119,500)	69,700)	51,400)	57,800)	90,600)	54,100)	49,100)	40,300)	120,000)	105,500)	77,100)	82,700)	112,300)	68,400)	67,900)	73,900)
Gain from sale of assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	91,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income (loss)	278,300)	935,600)	601,000)	1,121,700)	1,307,000)	1,517,500)	1,098,900)	1,485,400)	1,706,300)	1,583,900)	1,327,500)	1,253,100)	1,195,600)	1,295,500)	948,900)	1,177,800)	1,482,300)	1,488,700)	987,600)	913,500)	558,400)	(703,900)	487,400)	1,219,800)
Net gain resulting from divestiture of certain operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	864,500)	—)	—)	—)	—)	—)	—)	—)
Interest income and other, net	31,500)	25,600)	28,400)	27,800)	26,800)	28,100)	34,100)	33,800)	29,900)	21,300)	18,400)	11,600)	31,000)	19,800)	46,300)	(100)	21,300)	36,000)	17,300)	15,500)	9,100)	12,700)	2,000)	15,900)
Interest expense	(145,800)	(142,300)	(127,300)	(127,200)	(140,000)	(141,300)	(140,600)	(140,100)	(143,200)	(140,900)	(136,300)	(129,700)	(125,400)	(123,100)	(119,100)	(115,300)	(120,700)	(113,400)	(115,000)	(120,700)	(125,100)	(120,800)	(99,200)	(91,900)
Earnings (loss) before income taxes	164,000)	818,900)	502,100)	1,022,300)	1,193,800)	1,404,300)	992,400)	1,379,100)	1,593,000)	1,464,300)	1,209,600)	1,135,000)	1,101,200)	1,192,200)	876,100)	1,062,400)	2,247,400)	1,411,300)	889,900)	808,300)	442,400)	(812,000)	390,200)	1,143,800)
Income tax (expense) benefit	(30,800)	(260,400)	(118,000)	(241,400)	(284,100)	(348,600)	(219,900)	(354,700)	(373,700)	(322,400)	(301,300)	(279,800)	(222,600)	(278,500)	(201,100)	(246,300)	(482,900)	(257,100)	(230,500)	(186,100)	(49,700)	133,900)	(65,400)	(258,500)
Net earnings (loss) including noncontrolling interests	133,200)	558,500)	384,100)	780,900)	909,700)	1,055,700)	772,500)	1,024,400)	1,219,300)	1,141,900)	908,300)	855,200)	878,600)	913,700)	675,000)	816,100)	1,764,500)	1,154,200)	659,400)	622,200)	392,700)	(678,100)	324,800)	885,300)
Net (earnings) loss attributable to noncontrolling interests	(100)	(200)	100)	(100)	(400)	(900)	(100)	—)	—)	(200)	—)	—)	(300)	(800)	(500)	(200)	(200)	(800)	—)	—)	(100)	(300)	3,600)	400)
Net earnings (loss) attributable to Starbucks	133,100)	558,300)	384,200)	780,800)	909,300)	1,054,800)	772,400)	1,024,400)	1,219,300)	1,141,700)	908,300)	855,200)	878,300)	912,900)	674,500)	815,900)	1,764,300)	1,153,400)	659,400)	622,200)	392,600)	(678,400)	328,400)	885,700)

Revenue Trends: The net revenues experienced a significant decline in early 2020, reaching a low of approximately $4.2 billion in June 2020. Subsequently, revenues demonstrated a steady recovery, peaking near $9.4 billion by the end of 2023. The revenue growth was supported primarily by increases in both company-operated and licensed store revenues, with company-operated stores showing a larger absolute contribution and stronger upward trend over the periods assessed.
Cost Structure and Gross Profit: Cost of revenues decreased sharply in the first half of 2020, mirroring the decrease in sales, with the lowest figure around $4 billion in June 2020. Thereafter, costs steadily rose, exceeding $7 billion by late 2025. Despite rising costs, gross profit improved from a low of $200 million in June 2020 to a peak exceeding $2.6 billion by late 2023, indicating effective margin recovery and operational leverage as revenues increased.
Operating Expenses: Store operating expenses remained high throughout the period, with an increasing trend from approximately $2.8 billion at the end of 2019 to over $4.3 billion toward 2025. General and administrative expenses also trended upward from around $430 million in 2019 to levels exceeding $640 million by 2025. Depreciation and amortization expenses showed a gradual increase, reaching above $430 million in the latest periods. Other operating expenses varied but remained relatively stable overall.
Profitability and Operating Income: Operating income dropped drastically to a loss in mid-2020 (-$703 million) but rebounded strongly thereafter, with a high of over $1.7 billion in 2023. Subsequent quarters showed fluctuations with a downward trend toward 2025, where operating income decreased markedly, indicating increasing pressure on profits despite revenue growth. Earnings before taxes followed a similar pattern, with losses in mid-2020, recovery through 2023, and declining trends thereafter.
Net Earnings and Taxation: Net earnings attributable to the company declined sharply during mid-2020 (negative $678 million), recovered to over $1.1 billion by late 2023, then fell again to approximately $133 million by late 2025. Income tax expense generally correlated with earnings fluctuations, with notable tax benefits during negative earnings periods and increasing tax expenses aligned with improved profitability. The net earnings trends reflect the overall volatility in operating results influenced by external challenges and recovery phases.
Other Notable Items: The data reveals significant restructuring charges, particularly in late 2019 through 2020 and again in 2025, which contributed to financial volatility. Occasional gains from sale of assets and divestitures occurred but were not consistent drivers of earnings.
Summary of Operational Factors: Initially, the company faced substantial setbacks in revenue and profitability during early 2020, likely related to broader economic disruptions. Performance improved steadily through to 2023, supported by both store formats and operational efficiencies. However, increasing operating expenses and cost pressures in the later periods have constrained earnings growth and profitability, with notable declines in net income and operating income observed by 2025. Continuous monitoring of cost management and revenue growth strategies may be necessary to sustain financial health going forward.

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Starbucks Corp. (NASDAQ:SBUX)

Income Statement Quarterly Data

Income Statement
Quarterly Data